Global indoor LBS market is expected to experience rapid growth over the forecast period owing to technological advancements in location based systems. The rise in availability of location based applications in mobile handsets is presumed to contribute further towards the market growth. Convenience and reduction in time taken to locate any device is a major advantage which is presumed to compliment the rise in demand over the next seven year period.

Location-based services known as LBS are computer program-level services which are based on location information. LBS are information services that use mobile location data and are accessed through mobile networks. LBS are used for indoor object search, customer tracking, business intelligence, location specific information gathering and entertainment purposes.

LBS support businesses and government organizations to extract data from a specific location that aids them to analyze their operations critically. This application helps in tracking objects or people within a building or any specific area, for example, a university campus. This application has a limited range; thus, it functions using short-range wireless systems such as WLAN and Wi-Fi. Accuracy is an essential requirement for LBS to track efficiently and effectively.

Hybrid positioning systems introduced real time tracking & navigation solutions and location based analytics products for indoor LBS market owing to huge demand. The increase in unreliability on GPS technologies for indoor locations is expected to contribute to the increase in the demand. Moreover, lean robotics, lean automation, and increasing building sizes for commercial & industrial buildings are presumed to cater for the growth. Several service providers look forward to having a competitive advantage in this industry, by adopting these services with an aim to improve efficiency.

The increase in LBS services adaptation in mobile has been witnessed in the recent past and is presumed to aid the market over the forecast period. Recent years have experienced rapid expansion in telecommunication sector which is further expected to complement the rise in demand. Government initiatives to implement latest applications for development and convenience are presumed to propel the industry growth shortly. 3G and 4G wireless service deployment worldwide has resulted in improved connectivity, reduction in tracking cost and effective management assistance. Growth in big data analytics is presumed to complement the market by providing analytical solutions for the data collected by indoor location based services.

These services implementation in fitness devices, tablets, mobile and other wireless devices are estimated to fuel the market demand. Technologies such as voice enable commands, the touch fewer gestures and augmented reality is expected to increase the scope for this industry. Recent years have witnessed the brisk growth in wearable devices, which is anticipated to assist further the market over the forecast period.

Lack of awareness about the advantages related to this application is expected to hamper the demand. Problems related to connectivity are estimated to affect the growth adversely. Personal information data security is presumed to be another key concern among consumers which is expected to hinder growth across the global industry. Huge implementation cost is anticipated to hamper further the market growth and development potential. Privacy and data safety issues are presumed to challenge the indoor LBS market growth.

Internet of Things (IoT) evolution over the years is a key factor that is expected to open up ample opportunities over the forecast period. Government initiatives encouraging the usage of such systems are presumed to offer ample opportunities for growth & development. Rapid urbanization and industrialization in the developing regions promise abundant growth opportunities for the industry participants over the forecast period.

This market is expected to witness growth in both developing and developed regions due to rising technological development, high-security risk, and growing safety concerns. Developed regions such as North America and Europe have dominated this industry in the recent years and are anticipated to continue this trend over the next few years.